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Paramount has completed its $111 billion acquisition of Warner Bros. after a last-ditch effort to block the deal failed, forming a combined media company under the Skydance banner. As part of the integration, HBO Max, Paramount+, and Discovery+ are set to unify into a single streaming service. The merger creates one of the largest media and entertainment companies in the world, with analysts warning the consolidation could lead to higher subscription prices for the unified streaming service.